What is different between cash accounting & Mercantile
Accounting ?
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Answer Posted / prakash
Only cash based transactions considered to arrive profit /
loss of a F.Y. irrespective of the transaction belongs to
either previous year or the following year.
In Mercantile system transactions belongs to the current
year only considered to arrive profit / loss of the F.Y.
whether the transaction is cash based or credit based. All
companies follow Mercantile system only.
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